Ho Chi Minh City, RoK’s Daegu forge stronger business collaboration

Vice Chairman of the Ho Chi Minh City People’s Committee Le Thanh Liem (L) shakes hands with Mayor of Daegu Kwon Young Jin at the business forum (Photo: VNA)

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NDO/VNA - Ho Chi Minh City and Daegu city of the Republic of Korea (RoK) should work together to optimise their cooperation potential in trade and investment in the future, said Le Thanh Liem, Vice Chairman of the municipal People’s Committee, at a business forum between the two cities on November 13.

Liem noted that the RoK is the largest investor and among three biggest trade partners of Vietnam. The Vietnam-RoK free trade agreement, which goes along with tax exemption and reduction for RoK products, will create more opportunities for RoK products in the Vietnamese market, he said.

At the same time, Vietnamese farm produce, seafood, garment and textiles have also enjoyed a good chance in the RoK, said Liem, adding that the target of US$70 in two-way trade by 2020 is feasible.

Liem also pointed out that Ho Chi Minh City is hosting over 1,400 RoK-invested projects worth more than US$4.6 billion.

Ho Chi Minh City and Daegu city signed a cooperation and friendship programme in 2015, he said, adding that activities fostering business communities of both sides and promoting trade and investment ties have been conducted in both localities.

For his part, Mayor of Daegu Kwon Young Jin said that businesses from Daegu hope to expand operation in Ho Chi Minh City.

The RoK side will soon launch a direct air route linking the two cities, while banks and the Chamber of Commerce and Industry of Daegu will open their representative offices and branches in the city.

Meanwhile, Pham Thiet Hoa, Director of the Ho Chi Minh City Investment and Trade Promotion Centre, introduced the investment environment in the city, highlighting that the city is the largest economic and financial hub of Vietnam and one of the most dynamic cities in the ASEAN.

He also underlined advantages of the city in transportation connectivity with other countries as well as tourism, calling for RoK firms, especially those from Daegu, to increase trade exchange with local enterprises. He also pledged to continue administrative reforms and create optimal conditions for businesses from the RoK as well as Daegu city.